Risk management in SMEs: a systematic review of available evidence

Eva Maria Falkner and Martin R.W. Hiebl

Journal of Risk Finance, 2015, vol. 16, issue 2, 122-144

Abstract: Purpose - – The purpose of this paper is to provide a systematic literature review of available research evidence on risk management in small and medium-sized enterprises (SMEs). The authors aim to reveal ambiguities, gaps and contradictions in the literature, and to sketch avenues for further research. Design/methodology/approach - – The authors follow the tenets of Tranfieldet al.(2003) for conducting a systematic literature review. Following a key word search and an assessment of fit for this review, 27 papers were analyzed with respect to bibliographical information, research design and findings. Findings - – The review identified various types of risks that may occur in SMEs. In addition, the publication analysis demonstrates the importance of a risk management process in SMEs and that the characteristics of SME owners have a significant impact on their business strategies. Research limitations/implications - – Additional empirical research on risk identification, risk analysis, strategy implementation and control in the SME risk management process is needed. Originality/value - – This paper is the first comprehensive review of the body of literature on risk management in SMEs.

Keywords: Risk management; SME; Small and medium-sized enterprises (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (12)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:jrfpps:jrf-06-2014-0079

DOI: 10.1108/JRF-06-2014-0079

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